Can I take the money out of my HSA any time I want?

For qualified medical expenses, you can take money out anytime, tax-free and without penalty. If funds are withdrawn for other purposes, you will pay income taxes on the withdrawal plus a 20 percent penalty. You need to keep all of your receipts for possible IRS audit.

When you reach 65, you can use the money for non-medical expenses but will be required to pay taxes on those expenditures; however there will not be a penalty.